The 2006 Noisey Awards - Part 2
Best Backdoor IPO: Dov Charney's sexual escapades are legendary in the fashion and apparel business. They would have made for fun reading in a prospectus, but American Apparel's founder and chief executive doesn't have to worry about that now. Charney sold his company last week to Endeavor Acquisition Corp. (AMEX: EDA - News), a "blank-check" company. The deal allows American Apparel to go public without dealing with the scrutiny of analysts, investors, and underwriters. Hopefully, the company will do a secondary offering at some point, if only to feed my need to read one trashy novel a year.
Sportsman Director of the Year: Lance Armstrong won seven-consecutive Tour de France titles, but to employees of Morgans Hotel Group Co. (Nasdaq: MHGC - News), he's best known as a member of the board of the directors. A boutique hotel owner and operator, Morgans went public in February at $20.00. Armstrong bought 1,000 shares during the initial public offering, but the investment has yet to pan out. If nothing else, Armstrong receives an annual fee of $25,000 for serving on the board, plus free or discounted rooms at Morgans' properties. Now, if he could only get Morgans to install bike racks outside of their properties.
Thanks For Nothing Award: After Ford Motor Co. (NYSE: F - News) laid off thousands of workers as part of its "Way Forward" announcement, a former employee of the automaker put his alarm clock up for sale on eBay Inc. (Nasdaq: EBAY - News), writing, "This is a one-of-a-kind dual alarm clock with AM/FM radio and with 'INDIGLO Right Light' display that worked phenomenally for 7 years for a Ford Motor Company engineer. This alarm clock is SO reliable that it helped me achieve a Perfect Attendance award for 4 of my 7 years at the company!!! Since I was laid off last week as part of Ford's 'Way Forward' initiative, I no longer have the need for an alarm clock." The clock, which retails for about $20, sold for $152.50.
I Hope They're Hedged Award: The implosion of biotech firm Telik Inc. (Nasdaq: TELK - News) was a rude, unwanted, late Christmas gift for many investors, but none more so than Eastbourne Capital Management, which owns about 13 million shares of the stock, or an almost 25% stake in the company. From February 24th to December 22nd, Eastbourne, through its Black Bear Offshore Master Fund LP, bought approximately 3.7 million shares of Telik at an average price of $16.90, or an investment of about $65 million. Eastbourne is down more than -72% on that position alone, and based on the firm's historic holdings of Telik and Telik's historic stock price, the firm looks to be anywhere from $150 million to $200 million in the red on the position.
The Seven Dirty Words Award: David Farr of Emerson Electric Co. (NYSE: EMR - News) takes this year's honors. The chairman and CEO of the electrical products maker used the S-word a combined three times on conference calls in August and November. Farr's best use of the word came in August when he answered a question regarding tax rates and worked in a jibe about the ability of Congress to pass new laws: "S!&%, miracles do happen."
The Un-Midas Touch Award: Daniel Snyder made a fortune in direct marketing, but thus far his efforts to turn around amusement park operator Six Flags Inc. (NYSE: SIX - News) have been anything but fun, as the stock looks like it will end the year down about -25% to -30%. Snyder's bigger problem is the on-the-field performance of the Washington Redskins. While he's built the team into the most valuable franchise in all of sports (thanks in part to the fact that it owns the stadium in which it plays), Snyder can't seem to put a winner on the gridiron. The 'Skins are wrapping up what is probably the most disappointing season of any NFL team, and fans in the D.C. area are increasingly debating whether Snyder or Baltimore Orioles owner Peter Angelos is the worst owner in all of sports. Disclosure: The author was born in Washington, D.C. and lived in the Baltimore-Washington Metropolitan Area for 24 years.
Quote of the Week: "The three-martini lunch is the epitome of American efficiency. Where else can you get an earful, a bellyful, and a snootful at the same time?" - President Gerald R. Ford in 1976.
Quote of the Year: "However it happens, the hedge fund managers of today are often amassing huge fortunes. They are stars in the financial firmament. But clearly their social utility to the nation and to the world is hard to see when compared with the social utility conferred by an Andrew Carnegie, an Andrew Mellon, a Henry Ford, or a John D. Rockefeller, who genuinely built a nation and a world. Providing liquidity for different kinds of variable-rate mortgages simply does not compare, at least as I view it." - Ben Stein in the December 24th edition of The New York Times, in a column entitled, "The Hedge Kings Are Rich, but Will They Be Noble?"
Published by Ben Silverman, FindProfit.com
posted by Stock Administrator @ 10:45 AM
The 2006 Noisey Awards - Part 2
Best Backdoor IPO: Dov Charney's sexual escapades are legendary in the fashion and apparel business. They would have made for fun reading in a prospectus, but American Apparel's founder and chief executive doesn't have to worry about that now. Charney sold his company last week to Endeavor Acquisition Corp. (AMEX: EDA - News), a "blank-check" company. The deal allows American Apparel to go public without dealing with the scrutiny of analysts, investors, and underwriters. Hopefully, the company will do a secondary offering at some point, if only to feed my need to read one trashy novel a year.
Sportsman Director of the Year: Lance Armstrong won seven-consecutive Tour de France titles, but to employees of Morgans Hotel Group Co. (Nasdaq: MHGC - News), he's best known as a member of the board of the directors. A boutique hotel owner and operator, Morgans went public in February at $20.00. Armstrong bought 1,000 shares during the initial public offering, but the investment has yet to pan out. If nothing else, Armstrong receives an annual fee of $25,000 for serving on the board, plus free or discounted rooms at Morgans' properties. Now, if he could only get Morgans to install bike racks outside of their properties.
Thanks For Nothing Award: After Ford Motor Co. (NYSE: F - News) laid off thousands of workers as part of its "Way Forward" announcement, a former employee of the automaker put his alarm clock up for sale on eBay Inc. (Nasdaq: EBAY - News), writing, "This is a one-of-a-kind dual alarm clock with AM/FM radio and with 'INDIGLO Right Light' display that worked phenomenally for 7 years for a Ford Motor Company engineer. This alarm clock is SO reliable that it helped me achieve a Perfect Attendance award for 4 of my 7 years at the company!!! Since I was laid off last week as part of Ford's 'Way Forward' initiative, I no longer have the need for an alarm clock." The clock, which retails for about $20, sold for $152.50.
I Hope They're Hedged Award: The implosion of biotech firm Telik Inc. (Nasdaq: TELK - News) was a rude, unwanted, late Christmas gift for many investors, but none more so than Eastbourne Capital Management, which owns about 13 million shares of the stock, or an almost 25% stake in the company. From February 24th to December 22nd, Eastbourne, through its Black Bear Offshore Master Fund LP, bought approximately 3.7 million shares of Telik at an average price of $16.90, or an investment of about $65 million. Eastbourne is down more than -72% on that position alone, and based on the firm's historic holdings of Telik and Telik's historic stock price, the firm looks to be anywhere from $150 million to $200 million in the red on the position.
The Seven Dirty Words Award: David Farr of Emerson Electric Co. (NYSE: EMR - News) takes this year's honors. The chairman and CEO of the electrical products maker used the S-word a combined three times on conference calls in August and November. Farr's best use of the word came in August when he answered a question regarding tax rates and worked in a jibe about the ability of Congress to pass new laws: "S!&%, miracles do happen."
The Un-Midas Touch Award: Daniel Snyder made a fortune in direct marketing, but thus far his efforts to turn around amusement park operator Six Flags Inc. (NYSE: SIX - News) have been anything but fun, as the stock looks like it will end the year down about -25% to -30%. Snyder's bigger problem is the on-the-field performance of the Washington Redskins. While he's built the team into the most valuable franchise in all of sports (thanks in part to the fact that it owns the stadium in which it plays), Snyder can't seem to put a winner on the gridiron. The 'Skins are wrapping up what is probably the most disappointing season of any NFL team, and fans in the D.C. area are increasingly debating whether Snyder or Baltimore Orioles owner Peter Angelos is the worst owner in all of sports. Disclosure: The author was born in Washington, D.C. and lived in the Baltimore-Washington Metropolitan Area for 24 years.
Quote of the Week: "The three-martini lunch is the epitome of American efficiency. Where else can you get an earful, a bellyful, and a snootful at the same time?" - President Gerald R. Ford in 1976.
Quote of the Year: "However it happens, the hedge fund managers of today are often amassing huge fortunes. They are stars in the financial firmament. But clearly their social utility to the nation and to the world is hard to see when compared with the social utility conferred by an Andrew Carnegie, an Andrew Mellon, a Henry Ford, or a John D. Rockefeller, who genuinely built a nation and a world. Providing liquidity for different kinds of variable-rate mortgages simply does not compare, at least as I view it." - Ben Stein in the December 24th edition of The New York Times, in a column entitled, "The Hedge Kings Are Rich, but Will They Be Noble?"
Published by Ben Silverman, FindProfit.com
Sportsman Director of the Year: Lance Armstrong won seven-consecutive Tour de France titles, but to employees of Morgans Hotel Group Co. (Nasdaq: MHGC - News), he's best known as a member of the board of the directors. A boutique hotel owner and operator, Morgans went public in February at $20.00. Armstrong bought 1,000 shares during the initial public offering, but the investment has yet to pan out. If nothing else, Armstrong receives an annual fee of $25,000 for serving on the board, plus free or discounted rooms at Morgans' properties. Now, if he could only get Morgans to install bike racks outside of their properties.
Thanks For Nothing Award: After Ford Motor Co. (NYSE: F - News) laid off thousands of workers as part of its "Way Forward" announcement, a former employee of the automaker put his alarm clock up for sale on eBay Inc. (Nasdaq: EBAY - News), writing, "This is a one-of-a-kind dual alarm clock with AM/FM radio and with 'INDIGLO Right Light' display that worked phenomenally for 7 years for a Ford Motor Company engineer. This alarm clock is SO reliable that it helped me achieve a Perfect Attendance award for 4 of my 7 years at the company!!! Since I was laid off last week as part of Ford's 'Way Forward' initiative, I no longer have the need for an alarm clock." The clock, which retails for about $20, sold for $152.50.
I Hope They're Hedged Award: The implosion of biotech firm Telik Inc. (Nasdaq: TELK - News) was a rude, unwanted, late Christmas gift for many investors, but none more so than Eastbourne Capital Management, which owns about 13 million shares of the stock, or an almost 25% stake in the company. From February 24th to December 22nd, Eastbourne, through its Black Bear Offshore Master Fund LP, bought approximately 3.7 million shares of Telik at an average price of $16.90, or an investment of about $65 million. Eastbourne is down more than -72% on that position alone, and based on the firm's historic holdings of Telik and Telik's historic stock price, the firm looks to be anywhere from $150 million to $200 million in the red on the position.
The Seven Dirty Words Award: David Farr of Emerson Electric Co. (NYSE: EMR - News) takes this year's honors. The chairman and CEO of the electrical products maker used the S-word a combined three times on conference calls in August and November. Farr's best use of the word came in August when he answered a question regarding tax rates and worked in a jibe about the ability of Congress to pass new laws: "S!&%, miracles do happen."
The Un-Midas Touch Award: Daniel Snyder made a fortune in direct marketing, but thus far his efforts to turn around amusement park operator Six Flags Inc. (NYSE: SIX - News) have been anything but fun, as the stock looks like it will end the year down about -25% to -30%. Snyder's bigger problem is the on-the-field performance of the Washington Redskins. While he's built the team into the most valuable franchise in all of sports (thanks in part to the fact that it owns the stadium in which it plays), Snyder can't seem to put a winner on the gridiron. The 'Skins are wrapping up what is probably the most disappointing season of any NFL team, and fans in the D.C. area are increasingly debating whether Snyder or Baltimore Orioles owner Peter Angelos is the worst owner in all of sports. Disclosure: The author was born in Washington, D.C. and lived in the Baltimore-Washington Metropolitan Area for 24 years.
Quote of the Week: "The three-martini lunch is the epitome of American efficiency. Where else can you get an earful, a bellyful, and a snootful at the same time?" - President Gerald R. Ford in 1976.
Quote of the Year: "However it happens, the hedge fund managers of today are often amassing huge fortunes. They are stars in the financial firmament. But clearly their social utility to the nation and to the world is hard to see when compared with the social utility conferred by an Andrew Carnegie, an Andrew Mellon, a Henry Ford, or a John D. Rockefeller, who genuinely built a nation and a world. Providing liquidity for different kinds of variable-rate mortgages simply does not compare, at least as I view it." - Ben Stein in the December 24th edition of The New York Times, in a column entitled, "The Hedge Kings Are Rich, but Will They Be Noble?"
Published by Ben Silverman, FindProfit.com
posted by Stock Administrator @ 10:45 AM
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